Investment trust purchase on Interactive Broker

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Dublin2000

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Hi, I'm trying to place my first order on IBK to buy some Investment trust, I had put in the number of shares I want to buy at order type of "Market", then went to submit the order. However I got the following message. I'm not sure what does it mean! any advices is helpful! Thanks

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You have to pay extra for real-time market data in 'Account Management'.

If you do not have access to real-time data, then the pricing you see on the screen is a delayed quotation.

Interactive Brokers will display the message you received but you can still proceed once you acknowledge it.

Be wary though. For instance, the price you see on screen for the security may be €100. If the pricing is delayed by 15 minutes and the actual price in the market is €105 at that time, then if you submit a 'Market Order' which is an instruction by you to the broker to buy at the current market price, then you will get the order filled at €105 and not €100 which might come as an unpleasant surprise.

You can protect yourself against this outcome by using 'Limit Orders' where your instruction specifies a price at which you are prepared to transact.

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Dublin2000 said:
Hi, I'm trying to place my first order on IBK to buy some Investment trust, I had put in the number of shares I want to buy at order type of "Market", then went to submit the order. However I got the following message. I'm not sure what does it mean! any advices is helpful! Thanks

View attachment 7693
Click to expand...

I presume this is a UK traded IT? I normally check the recent price action using Yahoo Finance (note the price data could be delayed here, depending on the stock) and then use a limit order to trade.

Useful info on order types, advantages and disadvantages: https://www.investopedia.com/terms/m/marketorder.asp
 
AAAContributor said:
You have to pay extra for real-time market data in 'Account Management'.
Click to expand...

You need a subscription for real time data on all products, but you can also request a snapshot of a particular products price right at this moment. There should be a circular arrow icon next to the price, clicking or tapping on it will bring up a snapshot of the current price and bid/asks. Price is pretty reasonable, €0.02~0.04 per snapshot, I think.
 
Thanks to all that answered my question above. I've a new issue came up when I eventually got around to try to buy again today. I have placed an order for the amount less than what's in my account (8.5k vs. 10k in settled cash) but it keeps saying cash available is 0 so it won't allow me to purchase. Any ideas why?
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Dublin2000 said:
Thanks to all that answered my question above. I've a new issue came up when I eventually got around to try to buy again today. I have placed an order for the amount less than what's in my account (8.5k vs. 10k in settled cash) but it keeps saying cash available is 0 so it won't allow me to purchase. Any ideas why?
View attachment 7766
Click to expand...

It would seem like you have a cash account rather than a margin account (allows you to have negative balances). If that's the case you need to have the currency available in the currency of the instrument you wish to buy. Video of the process here: https://www.interactivebrokers.com/en/trading/orders/currency-conversion.php
 
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